Monthly Archives September 2012
September 28, 2012 New Zealand Finance
Overseas investors have made three times as much deposits into New Zealand as nationals have into businesses based overseas.
On September 27th Statistics New Zealand released the Balance of Payments and International Investment Position: Year ended March 2012, showing that foreign direct investment into New Zealand has reached NZD 97.3 billion and Overseas Direct Investment into New Zealand has reached NZD 24.3 billion.
According to Statistics New Zealand approximately two thirds of all foreign direct investment into the country came from Australia and the USA, with the majority of the funds flowing from major banks and other financial institutions.
Statistics New Zealand noted that the FDI into New Zealand from Southeast Asia has rising by NZD 1 billion since 2010, mainly due to an app...Read More
September 24, 2012 New Zealand Taxation
The government is pushing employers around New Zealand to employ more young people, and is encouraging unemployed youth to take advantage of its employment boot camp program.
In a press release issued on September 20th the Prime Minister of New Zealand pledged that the government will provide greater support for programs aimed at helping unemployed youth transition into employment.
The Prime Minister said that he has “…personally written to around 175 employers asking them to take on motivated young people who have completed the LSV [Limited Services Volunteer] course and are ready to work. I will continue to write to employers over the coming months.”
According to John Key, the Limited Services Volunteer (LSV) is “… unique mix of fitness, personal presentation and other employment-focus...Read More
September 21, 2012 New Zealand Taxation
A new Policy Targets Agreement has been signed, outlining the goals of the Reserve Bank over the coming years.
On September 20th the Finance Minister of New Zealand Bill English and the upcoming Reserve Bank Governor Graeme Wheeler signed a new Policy Targets Agreement (PTA), outlining the Reserve Bank’s aims and policies over the next five years.
The new PTA aims to address some of the issues which New Zealand faced during the global economic downturns in 2008, and Bill English described the changes as only “some additional wording” which “…has been agreed with the new Governor to reflect lessons from New Zealand’s last economic cycle and the Global Financial Crisis.”
The Minister explained that the previous PTA has served New Zealand well, and no major changes were required to the aims...Read More
September 20, 2012 New Zealand Finance
New Zealand’s currency account deficit has risen compared to the March quarter and the June quarter of 2011.
On September 19th Statistics New Zealand released the Balance of Payments and International Investment Position for New Zealand for the June 2012 quarter, showing that seasonally adjusted current account deficit reached NZD 2.9 billion.
The current account deficit for the June 2012 quarter was NZD 3.5 billion higher than in the same period in 2011 year, and NZD 0.3 billion higher than in the March quarter.
The current account deficit is approximately 4.9 percent of the national GDP.
The increasing annual deficit was attributed to rising levels of imported of goods into New Zealand over the year, especially petroleum and petroleum derivatives.
Statistics New Zealand also noted that a...Read More